Zenverge Closes $20.5 Million Series D Financing Led by Entropic Communications, Inc. Strategic investment accelerates time-to-market to cable, telco and satellite set-top providers with the best of breed media processing and cable networking technologies
CUPERTINO, Calif., Sept. 26, 2011 /PRNewswire/ -- Zenverge, Inc., a leading developer of Advanced Media ICs, today announced that it has closed a $20.5 million Series D round of financing led by Entropic Communications, Inc. The round also included participation from new investors, the CID Group and Woodside Fund. The company will use the funds to accelerate support and growth to meet market demand for its existing products, develop unified solutions for the cable, telco and satellite markets with Entropic and continue its development activities to maintain and increase its competitive advantage with highly integrated product offerings. Existing investors, DCM, Norwest Venture Partners (NVP), Motorola Mobility Ventures , and Battery Ventures have all participated in this round. Zenverge also announced today the appointment of Mr. Patrick Henry, president and CEO of Entropic Communications, to its board of directors.
Based on the Zenverge Entertainment Nexus (ZEN) advanced architecture for HD media processing, the ZN200 and ZN100 family of IC products contain the industry's most powerful TransALL™ Transcode engine to support multiple streams of content in a compact, power-efficient, and cost-effective footprint. The TransALL™ Transcode core provides a ubiquitous "Anywhere, Anytime, Any Device" media experience for consumer electronics manufacturers, service providers and their customers with its ability to TransFormat, TransRate, Transcale, TransCopy, TransZip, TransSecure, TransQoS and TransWrap. Devices being powered by Zenverge products include HDTVs, Blu-ray recorders, set-top boxes, multimedia NAS devices, headless gateways, media streamers and movers, portable device adapters, PCs and network video equipment.
"We're seeing tremendous demand for distribution of TV and personal media to all connected displays within the home and our strategic partnership with Entropic will help accelerate the delivery of integrated best-of-breed media processing and MoCA 2.0 networking technology to operators and their OEMs," said Zenverge CEO, Amir Mobini. "Entropic's established track record with service providers combined with Zenverge's strong relationships with consumer electronics manufacturers worldwide creates exciting growth opportunities for both companies."
"We invested in Zenverge because the company possesses strong expertise in the development of key audio and video transcoding technologies that are required to take the television experience to new levels of anywhere, anytime and any device viewing," said Entropic CEO, Patrick Henry. "By aligning our core whole-home backbone distribution capabilities based on the MoCA standard with Zenverge technology, we envision new expansion and innovation opportunities in the connected home entertainment market."
"Zenverge offers leading-edge solutions for next generation media products, which aligns well with Motorola's vision of enabling converged experiences for consumers and the connected home," said Wallace Pai, vice president of corporate development and ventures, Motorola Mobility. "We are excited to be investing in Zenverge and look forward to bringing new broadband experiences to market."
"Today's significant round of funding is a testament to Zenverge's team of seasoned industry veterans, and the strong market demand for Zenverge's highly integrated solutions," said Robert Abbott, general partner, Norwest Venture Partners (NVP) and Zenverge board member. "We're excited about the opportunity to work with Entropic as the companies' technologies are extremely complimentary and are uniquely positioned to deliver unified, innovative solutions to the cable, telco and satellite markets."
About Entropic Communications
Entropic Communications, Inc. (NASDAQ: ENTR) is a leading fabless semiconductor company that is engineering the future of connected home networking and entertainment by providing next-generation silicon and software technologies to the world's leading cable, telco and satellite service providers, OEMs and consumer electronics manufacturers. As a co-founder of MoCA (Multimedia over Coax Alliance), Entropic pioneered and continues to evolve the way high-definition television-quality video and other multimedia and digital content such as movies, music, games and photos are brought into and delivered throughout the home. For more information, visit Entropic at www.entropic.com.
Zenverge is a fabless semiconductor company devoted to accelerating consumer access to next generation digital content and services. The company is a leading developer of Advanced Media ICs built around the patented ZEN architecture, a core technology for next generation digital media devices. The company is based in Cupertino, California. For more information please visit the company website: www.zenverge.com.
SOURCE Zenverge, Inc.